I am old enough to remember the days @Chuck used to continually...

First 2 Last

Share
Profile

Follow
nickyjames

22,698 Posts.

7

26/01/18

14:42

Post #: 30591829
Share

Originally posted by pints ↑

Apple’s announcement on Wednesday that it will repatriate most of the estimated $274 billion that it holds in offshore earnings is great news for the United States. Uncle Sam will get a one-time $38 billion tax payment. The company promises to add 20,000 jobs to its U.S. work force, a 24 percent increase, and build a new campus. Another $5 billion will go toward a fund for advanced manufacturing in America.
C’mon. What’s with the long face?
In December this column warned that hysterical opposition to the Republican tax bill was a fool’s game for Democrats that could only help Donald Trump. Yes, there were things to dislike in the legislation, from both a liberal and a conservative perspective.
But it was not the moral and fiscal apocalypse its critics claimed. And its central achievement — a dramatic cut in corporate rates to 21 percent from 35 percent — was an economic no-brainer that many Democrats, including President Obama, had supported (albeit less steeply) just a few years ago.
Apple will not be the only multinational that will soon bring back gigantic profits to take advantage of new low repatriation rates. Microsoft holds $146 billion in overseas earnings, Pfizer $178 billion, General Electric $82 billion, Alphabet $78 billion, and Cisco $71 billion, according to estimates from the Zion Research Group. The total stash is about $3 trillion — by one measure nearly three times what it was just a decade ago.
Assume that just half of that money comes home to the United States. It’s still the equivalent of Canada’s entire gross domestic product. Not too shabby, especially considering all the hyperbolic predictions of economic doom that went with Trump’s election.

Expand

I am old enough to remember the days @Chuck used to continually ask “are we winning yet”. That was a long time ago and the curious mr Chuck ain’t so curious any more.
11 Upvote

Reply

Top Stories

HotCopper Highlights, Week 27: G8 scalped, Domino’s drops the box, Gemlife brief hype & more

OSL

OncoSil wraps up recruitment for key pancreatic cancer trial

NMG

New Murchison Gold blasts off at Crown Prince as 'better than expected' results return

Listen: HotCopper Wire Podcast 016 – FY25 ended up not so bad... but Trump unpause is coming

Week 27 Wrap: 40% China tariffs?; ASX +10% FY25; US Amazon price spike

THL

Tourism Holdings says Liberation Day tariffs smashed US RV demand

AII

Inside the Depths of Panasqueira: A Legacy Carved in Rock

DMP

Is Domino's a steal after -25% plunge?

Trump chides Powell as Goldman call for calm. The RBA must be nervous

KGD

Kula picks up unexplored niobium play in Malawi, with surface samples logged